Soon, other job descriptions will include salary scales.
New York City’s Pay Transparency Act goes into effect Nov. 1, requiring employers to share salary or hourly pay in postings.
A growing number of statesincluding California, Connecticut, Colorado, Maryland, Nevada, Rhode Island and Washington are rolling out their own salary disclosure rules — or have already done so.
“We expect the recent wave of pay transparency legislation to continue,” said Mariann Madden, director of labor and rewards at benefits consultancy WTW, formerly known as Willis Towers Watson. .
However, “regulatory requirements are only one factor in the expected increase in salary disclosures and communication,” Madden added.
“Job seekers and current employees want to know and understand that they are being treated fairly and have an equal opportunity to thrive and grow within the organization,” Madden said.
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With or without legal requirements, workers overwhelmingly support pay transparency — in fact, 98% said employers should disclose salary ranges in job postings, according to new data from Monster.
Most also said wage disclosure laws would have a positive impact on the future of work. The idea is that pay transparency will cause salary equityor substantially equal pay for work of equal or comparable value, regardless of the worker’s gender, race or other demographic category.
More than half, or 53%, would even refuse to apply for a job that doesn’t disclose the pay scale, even in states where pay transparency isn’t a law, Monster said. A separate survey per job search site Adzuna found that 33% of job seekers reported wouldn’t go to a job interview without knowing beforehand the salary that the employer is prepared to offer.
That kind of margin could lead to further changes, according to Monster career expert Vicki Salemi.
“Employers can realize that this transparency is important to job seekers and start including it anyway without a warrant,” she said.
Determine ‘what you should earn’
Wages are in the spotlight as inflation weighs on the financial situation of most workers.
Although wage growth has been high by historical standards, it is not keeping pace with the increase in the cost of living, which continues to rise in fastest annual rate in about four decadesand that leaves more workers dissatisfied with their pay.
When it comes to determining what you should earn, “don’t just rely on the job description,” Monster’s Salemi advised. “Know your worth based on your experience and skills and the industry standard you operate in.”
But pay isn’t everything, she added. Other factors to consider include increased opportunities for advancement, flexibility and a healthy work-life balance, Salemi said.
Eliminate the question of salary
“The reality is that the labor market is still strong,” said Mandi Woodruff-Santos, career coach and co-host of the Brown Ambition podcast, giving job seekers more clout when it comes to benefits and compensation.
Woodruff-Santos advises clients to inquire about a position’s salary during the initial phone screening interview.
“I would ask them directly: do you have a budget for this role?” she says. “So decide if you want to continue.
“I am in favor of its elimination,” she added.